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Divisions arise over Eurobond solution to crisis (2)

By Ding Zhijie (People's Daily Overseas Edition)

17:25, November 25, 2011

The bailouts cannot be made without stipulations, and the interests involved in the bailouts are at the core of their differences. In terms of Greece's debt issuance, Germany has always required Greece to clearly pledge to reduce deficit and introduce structural reforms.

Moral hazards have made the bailouts more complicated. Currency unification has made the euro zone a close body sharing common interests. Greece's debt issue is also an issue faced by other euro zone member states. The member states in crisis are expecting other member states to share the burden, while other countries are requiring the member states in crisis to sacrifice more. The difference has led to the failure on the part of the European Union to work out an effective solution three years after the outbreak of the European debt crisis.

Europe is currently at the crossroads. The course of the game between different countries, between governments and the market, and between government and the masses — not to mention the involvement of external forces — will have many uncertainties. The result of the game will possibly be certain that Europe will achieve economic unification covering fiscal sovereignty as well as the introduction of Eurobonds.

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